Ades Holding Co. Announces Obtaining a Upsizing of long-term syndicated credit facility
| Element List | Explanation |
|---|---|
| Introduction | ADES Holding Company, is pleased to announce that it has successfully amended its existing syndicated facility, securing an additional equivalent to USD 3 billion, with the majority of existing lenders participating along with new, leading local and regional financial institutions.
The new USD 3 billion upsized financing is predominantly intended as a standby facility for the Group’s ambitious expansion plans, divided into the equivalent of a USD 2.7 billion standby term tranche and additional USD 300 million Revolving Credit Facility (RCF) tranche. |
| Date of obtaining the funding | 2024-07-14 Corresponding to 1446-01-08 |
| Financing entity | Saudi Awwal Bank, Riyadh Bank, Al Rajhi Banking and Investment Corporation, Arab National Bank, The Saudi National Bank, Alinma Bank, Banque Saudi Fransi, Aljazira Bank, Arab Petroleum Investments Corporation (APICORP) and Commercial Bank of Dubai PSC as Financial Institutions. |
| Financing amount. | Equivalent to USD 3 billion, including a term tranche of USD 2.7 billion and a Revolving Credit Facility (RCF) tranche of USD 300 million. |
| Financing duration. | Standby Term Tranche: 8.5 years with a final maturity in December 2032.
RCF Tranche: 8 years with a final maturity in June 2032 for the RCF tranche. |
| Guarantees offered for the financing | • Mortgages over offshore Rigs
• Share mortgages/pledges over entities which hold onshore or offshore rigs as applicable • Security over the collection accounts and Debt Service Accrual (DSA) account • Assignment of receivables under client contracts • Assignment of receivables under insurance contracts in respect of financed rigs • Promissory notes |
| Financing objective | Standby term facility for the purpose of financing the group’s expansion plans.
The amounts under the Revolving Credit Facility shall be applied towards the general corporate purposes of the company. |
| Related Parties | No related parties on this transaction |
| Attached Documents |  |
Comments